Oil’s on track for its worst month in a decade on growing fears over a global supply glut that’s been exacerbated by American waivers to Iranian crude buyers. Futures in New York are set to drop about 21 per cent in November, falling for a second month. While Russia showed a willingness to join Saudi […]
Month: November 2018
Oil falls as high inventories outweigh likely OPEC cuts
Oil prices slipped further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week. Both international oil benchmarks, North Sea Brent and U.S. light crude, have had their weakest month for more than 10 years in November, losing more than 20 percent […]
Iranian oil Imports by major buyers in Asia hit a five-year low in October
Imports of Iranian crude oil by major buyers in Asia hit a five-year low in October, as China, Japan and South Korea sharply cut purchases ahead of U.S. sanctions on Tehran that took effect in early November, government and ship-tracking data showed. China, India, Japan and South Korea last month imported about 762,000 barrels per […]
Oil & Natural Gas Corpn Ltd drops for fifth straight session
The stock is quoting at Rs 139, down 1.14% on the day as on 13:19 IST on the NSE. Oil & Natural Gas Corpn Ltd tumbled 22.63% in last one year as compared to a 7.26% rally in NIFTY and a 2.42% spurt in the Nifty Energy index. Oil & Natural Gas Corpn Ltd fell […]
Coal scam: Delhi court holds ex-secy H C Gupta, others guilty of corruption
A Delhi court Friday held ex-coal secretary H C Gupta guilty of corruption and criminal conspiracy in a coal scam case relating to allotment of coal blocks in West Bengal. Besides Gupta, Special CBI Judge Bharat Parashar also convicted private firm Vikash Metals and Power Limited, one serving and one retired public servant ex-joint secretary […]
Asian LNG prices on downward spiral amid warm winter, high stocks
Asian spot prices for liquefied natural gas (LNG) continued their downward spiral this week, falling to a four-month low as demand from top buyers Japan and China failed to materialise amid ample inventory. Spot prices for January delivery in North Asia were estimated at about $9.80 per million British thermal units (mmBtu), down 20 cents […]
Phasing out coal power would benefit Indian consumers, taxpayers: Study
Renewable source of energy can provide more power in much less cost than new coal-powered power plants in India, and it costs more to run 62 per cent of the country’s coal capacity than to build new renewable power generation facilities, according to a new study. The study titled ‘Navigating the economic and financial risks […]
Adani presses ahead with controversial coal mine in Australia by self-financing
Indian energy giant Adani announced on Thursday that it will self-finance its controversial coal mine in Australia and major works on the “scaled back” project will start “imminently after eight years of court challenges from environmental activists and delayed approvals. Adani Mining chief executive officer Lucas Dow said the Carmichael mine in Queensland would initially […]
15 states completely electrified: Power minister RK Singh
Fifteen states have completed electrification while another eight are close to achieving complete household electrification, power minister R K Singh said on Thursday. “Eight states have achieved 100% saturation in household electrification under Saubhagya namely Madhya Pradesh, Tripura, Bihar, J&K, Mizoram, Sikkim, Telangana and West Bengal. Thus total 15 States in the country now have […]
Govt plans NTPC OFS in December
The government is planning to sell at least 3.25 per cent stake in power producer NTPC in December, which will help garner Rs 3,800 crore to the exchequer. The Cabinet had earlier approved disinvestment of 10 per cent stake in NTPC, of which 6.75 per cent was sold in August last year. “NTPC offer for […]
Delhi-Mumbai expressway on fast track: Haryana land acquisition completed; soon travel in just 12 hours!
The Delhi-Mumbai expressway project has now gained momentum as the acquisition of land in Haryana, altogether 80 km, has been completed. This means that the final construction work of the expressway is likely to start soon! According to a TOI report, the bidding process is currently on and the acquisition of land is ongoing in […]
Malaysia’s AirAsia Group third-quarter operating profit halves
Malaysia’s flagship budget carrier AirAsia Group Bhd on Thursday posted a 49 percent drop in its operating profit for the third quarter, hurt by higher fuel costs. Its operating profit was 253 million ringgit ($60.50 million), compared with 494 million ringgit a year earlier. Its net profit for the quarter, however, soared about 81 percent, […]